Northeast Utilities: Irene’s cost to exceed $100M
Thursday, September 8, 2011
HARTFORD, Conn. (AP) — The operator of New England’s largest utilities system says the cost for repairs and to restore power after remnants of Hurricane Irene hit the region will be more than $100 million.
Hartford, Conn.-based Northeast Utilities Service Co. outlined the impact of the storm in a presentation to be made Thursday to investor analysts. The presentation was posted on its website Wednesday.
Vice President for Investor Relations Jeffrey Kotkin says it could be a long time before regulators in Connecticut, Massachusetts and New Hampshire decide how the costs will be paid and what the impact could be on ratepayers.
He says customers already pay for storm cleanup but Irene’s destruction was more extensive than that of previous storms.
About 800,000 of Northeast Utilities’ more than 2 million customers lost service in last month’s storm — the most ever for the company.